Sydney university says they have created blockchain which can process 440K transactions for per second. (http://sydney.edu.au/news-opinion/news/2017/07/03/fast-and-safe-blockchain-being-developed-at-university-of-sydney.html)
Visa can process 56K transactions and Bitcoin can process 7 transactions for per second.
That sounds great hah?
They say “our blockchain is not subject to double spending”. That means, there will be just CENTRALIZED nodes/PLACES that will confirm and put these transactions in a block.
The second thing is about BLOCK Size. Let say they also find/CREATE a block for per second. We assume a transaction has 250 Byte in the best case.
440K transactions make nearly 105MB per second. Bitcoin has block size 1MB for every 10 mins. They find/CREATE nearly 62GB for every 10 mins.
Compare 1MB and 62GB. The whole Bitcoin blockchain size is 130GB for 7 years. If we think reality, their Blockchain will expire in a day. Because none of the personal computers can handle this much size.
Does that sound still great?
Blockchain is NOT created for performance. Blockchain is NOT created to be CENTRALIZED. There are many systems have good performance and have disturbed ledgers but these systems are not trustful (you trust systems and people who manage them).
Blockchain is created for TRUST.
My advice who make investments about blockchain is that: if you build products which need and have a TRUST issue, blockchain will help you much otherwise you will have something but not blockchain.
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